Wool Industry Act 1964

Legislation au C1964A00024 Not in force Act

Legislation content

WOOL INDUSTRY.

 

No. 24 of 1964.

An Act relating to the finances of the Australian Wool Board and to the Wool Research Trust Fund.

[Assented to 26th May, 1964.]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Wool Industry Act 1964.

(2.) The Wool Industry Act 1962 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Wool Industry Act 1962–1964.


Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Definitions.

3. Section six of the Principal Act is amended by adding at the end thereof the following definition:—

“‘Wool Tax Act’ means the Wool Tax Act (No. 1) 1964, the Wool Tax Act (No. 2) 1964, the Wool Tax Act (No. 3) 1964, the Wool Tax Act (No. 4) 1964 or the Wool Tax Act (No. 5) 1964.”.

4.—(1.) Section thirty-two of the Principal Act is repealed and the following sections are inserted in its stead:—

Payments to the Board.

32. There shall be paid to the Board, out of the Consolidated Revenue Fund, which is appropriated accordingly, amounts equal to the amounts received by the Commissioner of Taxation in respect of tax imposed by any Wool Tax Act, less Two shillings for each bale, One shilling for each fadge or butt, and Threepence for each bag, of wool in relation to which the Commissioner receives an amount in respect of tax imposed by a Wool Tax Act.

Additional payments to the Board.

“32a. There shall also be paid to the Board, out of the Consolidated Revenue Fund, which is appropriated accordingly, amounts equal to the amounts received by the Commissioner of Taxation in respect of tax imposed by any Wool Tax Act during the period of three years commencing on the first day of July, One thousand nine hundred and sixty-four, less Twelve shillings for each bale, Six shillings for each fadge or butt, and One shilling and sixpence for each bag, of wool in relation to which the Commissioner receives an amount in respect of tax imposed during that period by a Wool Tax Act.”.

(2.) Notwithstanding the repeal of section thirty-two of the Principal Act, there shall be paid to the Board, out of the Consolidated Revenue Fund, which is appropriated accordingly, amounts equal to the amounts of tax received by the Commissioner of Taxation by virtue of paragraph (a) of sub-section (1.) of section six of the Wool Tax Act (No. 1) 1957, or of that Act as amended, and by virtue of paragraph (a) of sub-section (1.) of section six of the Wool Tax Act (No. 2) 1957, or of that Act as amended, being amounts that are received by the Commissioner on or after the date of commencement of this Act or that were received by the Commissioner before that date and in respect of which amounts were not, before that date, paid to the Board.

Borrowing.

5. Section thirty-three of the Principal Act is amended by omitting sub-section (1.) and inserting in its stead the following sub-section:—

“(1.) The Board may borrow moneys for temporary purposes on overdraft from an approved bank—

(a) to enable the Board to perform the function of the Board referred to in paragraph (a) of sub-section (1.) of section twenty-four of this Act; and


(b) with the approval of the Treasurer—to enable the Board to perform the function of the Board referred to in sub-section (1.) of section fifty-six of this Act or to meet any expenses or liabilities referred to in sub-section (3.) of that section.”.

Payments to the Fund.

6.—(1.) Section sixty-five of the Principal Act is amended by omitting paragraph (a) of sub-section (1.) and inserting in its stead the following paragraph:—

“(a) Six shillings for each bale, Three shillings for each fadge or butt, and Ninepence for each bag, of wool in relation to which the Commissioner receives an amount in respect of tax imposed by a Wool Tax Act;”.

(2.) Notwithstanding the amendment made by the last preceding sub-section, there shall be paid into the Fund, out of the Consolidated Revenue Fund, which is appropriated accordingly, amounts equal to three times the amounts of tax received by the Commissioner of Taxation by virtue of paragraph (b) of sub-section (1.) of section six of the Wool Tax Act (No. 1) 1957, or of that Act as amended, and by virtue of paragraph (b) of sub-section (1.) of section six of the Wool Tax Act (No. 2) 1957, or of that Act as amended, being amounts that are received by the Commissioner on or after the date of commencement of this Act or that were received by the Commissioner before that date and in respect of which amounts were not, before that date, paid into the Fund.

 

Overview

The Wool Industry Act 1964 was enacted by the Parliament of Australia to address the financial management of the Australian Wool Board and the Wool Research Trust Fund. The Act amended the Wool Industry Act 1962, introducing new provisions for the allocation of wool tax revenues and the financial operations of the Wool Board. A key objective of the Act was to ensure that the Board could meet its obligations and continue to function effectively in the context of changing fiscal policies. The Act specifies payments to the Board from the Consolidated Revenue Fund, based on tax collected by the Commissioner of Taxation, and allows the Board to borrow money for specific purposes with the approval of the Treasurer. It also sets out new payment rates for the Wool Research Trust Fund, ensuring continued support for wool industry research.

Scope and Application

The Wool Industry Act 1964 applies to the Australian Wool Board and the Wool Research Trust Fund, regulating their finances by amending the existing Wool Industry Act 1962. This Act outlines the appropriations from the Consolidated Revenue Fund to the Board and the Fund, contingent upon tax amounts collected by the Commissioner of Taxation under the various Wool Tax Acts. The legislation specifies deductions for certain units of wool for payments to the Board and the Fund, and it adjusts borrowing provisions for the Board, allowing it to borrow from approved banks for specific functions and with Treasurer approval for other expenses or liabilities. This Act extends its application nationally within the Commonwealth of Australia and incorporates amendments to subordinate Wool Tax Acts through its references, thus shaping the financial framework for wool industry stakeholders. The Wool Industry Act 1964 does not explicitly state any exclusions or exemptions but implies that its application is comprehensive across the wool industry as it references various Wool Tax Acts. The geographic reach of the Act is nationwide, applying uniformly across Australia. The Act's provisions are designed to ensure that the finances of the Australian Wool Board and the Wool Research Trust Fund are managed effectively, as outlined by the specified tax-related payments and borrowing conditions. The Act also indicates that subordinate instruments, namely the Wool Tax Acts, further define and extend its application.

Key Provisions

The Wool Industry Act 1964 primarily amends the Wool Industry Act 1962, altering the financial arrangements for the Australian Wool Board and the Wool Research Trust Fund. Section 32 mandates payments to the Board from the Consolidated Revenue Fund, equivalent to the tax amounts collected by the Commissioner of Taxation under any Wool Tax Act, minus deductions per wool unit. Section 32A further requires additional payments to the Board for a three-year period starting from 1 July 1964, with further deductions per wool unit. Section 5 allows the Board to borrow money temporarily from an approved bank, with specific conditions for the purpose of these loans. The Act imposes several obligations on the Australian Wool Board. Firstly, it mandates the Board to receive payments from the Consolidated Revenue Fund, calculated based on the tax imposed by various Wool Tax Acts, less specific deductions for each unit of wool (sections 32 and 32A). Secondly, the Board is permitted to borrow money for temporary purposes from an approved bank, subject to certain conditions, such as performing specific functions or meeting particular expenses or liabilities (section 5). Additionally, the Board must ensure that payments are made into the Wool Research Trust Fund, calculated based on tax amounts collected by the Commissioner of Taxation under certain provisions of the Wool Tax Acts (section 6). Breaches of the obligations and requirements stipulated in the Wool Industry Act 1964 can lead to significant consequences. While the Act does not explicitly detail offences or penalties for non-compliance, failure to adhere to the financial provisions could result in legal actions for non-performance of statutory duties. Such breaches may lead to civil consequences, including the potential for the affected party to seek judicial review or enforcement of the statutory obligations. Additionally, non-compliance might attract penalties under other relevant Australian laws governing financial management and taxation.

Legal classification tags

Area of Law
Finance & Banking Law
Taxation Law
Instrument
Act
Concepts
Definitions & Interpretation
Commencement Provisions
Repeal & Amendment
Payments to the Board
Borrowing

Interactions

Authorises

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.